The cash market finally caved in Friday under the weight of verylittle heating demand and abundant available supplies, sendingprices lower for the first time in the fledgling March aftermarket.
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Weak October Expiry Puts Bears Back in Charge
After resisting for nearly two trading sessions the promptcontract finally caved to selling pressure late Tuesday as localtraders liquidated the last of their positions. On that sour notethe October natural gas futures contract completed its tenure asprompt month yesterday by slipping 7.2 cents to $2.56. Estimatedvolume was robust as 122,906 contracts changed hands.
Futures Trend Lower Before and After Confusing AGA Data
For the third day in a row, the futures market caved under heavyselling pressure Wednesday as traders anxiously unloaded longpositions and initiated fresh shorts. Even major support at $2.24offered bulls no reprieve as sellers pushed the December contractdown 7.5 cents to settle at $2.204.